The Caribbean for a Grand

No, we’re not talking three nights half board in a three star, we’re talking a second home overseas, freehold, in your name, for just £1,000 sterling. This seemingly impossible feat is feasible on not one, but three developments across three islands namely Barbados, Dominican Republic and St Vincent & The Grenadines. Paradise really is closer than you think.

The Caribbean, thanks to a perfect combination of sun, sand, scenery and soft-hearted people, has a timeless appeal and is the granddaddy of holiday destinations. The group of 7,000 islands, islets, reefs and cayes in the middle of the Americas is the embodiment of paradise with white powdery beaches, luminous turquoise seas, colourful coral reefs, luxuriant vegetation and bright floral blooms. Due to its popularity with celebrities, film stars, the well-heeled and the cruise-ship fraternity, the Caribbean does however generally come with a high price tag – until now.

Chris Sawyer, Caribbean property expert at GEM Estates explains, “Thanks to some clever financing options, we are able to offer our clients a choice of Caribbean properties for just £1,000. That grand represents the non-refundable reservation fee and thereafter the purchase is 100% finance. In each case a 30% deposit is required within 45 days of reservation. If you opt for finance, not compulsory, the developer will cover the loan repayments including interest until completion and simply add on the cost of those payments to the purchase price upon completion. On a property of £200,000 that would mean an additional £7,080 on the purchase price based on an interest rate of 6%”.

Chris continues, “As the off-plan property is priced below market value and capital appreciation is inevitable during the construction process, we anticipate the example purchase price of £200,000 to grow to a valuation in the region of £325,000 at completion. A 70% loan to value guaranteed mortgage is available at this point raising £227,500, ample to cover purchase price and the £7,080 owed to the developer. It doesn’t stop there. Based on interest rates of 8% your £227,500 is going to cost you £18,200 each year, but every development involved has a 10% rental guarantee in place for the first two years after completion (50% of the net room rate share thereafter) generating an income of £20,000 each year. Bingo, mortgage payments paid. This really is Caribbean for a grand plus a profit to boot.”

The Merricks Resort Spa & Residence is perched on a clifftop location overlooking an idyllic half-moon bay on the island of Barbados. The luxurious apartments, cabanas and villas have full use of the five star Merricks Beach Resort including a Spa, gymnasium, swimming pools, tennis courts, bars and restaurants and shopping. A five star hotel management company will maintain the resort impeccably whilst owners can enjoy 30 days free use per year. Prices from £225,000 for a studio apartment and villas from £325,000.

Las Canas Boutique Beach Resort is in a quiet area on the northern coastline of the Dominican Republic. Set on a palm fringed beach the studio, one and two bedroom apartments and penthouses enjoy open balconies with relaxing sea views and access to communal pools whilst the one and two bedroom cabanas and two, three and four bedroom plantation houses have private plunge pools, the perfect spot from which to enjoy the year-round glorious weather. All units are fully furnished and the resort benefits from a beach restaurant and bar, swimming pools and Spa. Prices from £125,000 for a studio apartment, one bedroom cabanas from £250,000 and two bedroom plantation houses from £350,000.

Buccament Bay Beach Resort is on the unspoilt island of St Vincent, the largest chunk of St Vincent & The Grenadines and location for Pirates of the Caribbean. Nestled in the bay of the same name, lapped by calm Caribbean waters, Buccament Bay Beach Resort comprises a mixture of properties from studio apartments to four bedroom plantation houses and first-rate facilities from a gymnasium, tennis courts and Spa to a casino, marina and shopping mall. The whole complex will be run as a hotel meaning that all units come fully furnished to a five star standard. Prices from £115,000 for a hotel suite, one bedroom cabanas from £285,000 and two bedroom plantation cabanas from £650,000.

Reserve a cabana, plantation house or apartment in Waters Edge at Buccament Bay Beach Resort by 30 November 2007 and you will receive a free weekend for two in St Vincent & The Grenadines to include flights accommodation and meals. The perfect way to get a taste of things to come.

For more information, visit gem-estates.com.